In the past year, Non-Fungible Tokens have taken the world by storm. From digital art to in-game assets, there’s an NFT for just about everything. And now, we’re seeing a new trend emerge: NFT land projects.
NFT land projects are exactly what they sound like: projects that involve the creation of digital land that can be bought, sold, or traded as an NFT. And while the idea is still in its infancy, there are already a few notable projects making waves in the space. In this article, we’ll be taking a look at the best NFT land projects to keep track of in 2023.
So whether you’re looking to invest in an up-and-coming project or just want to learn more about what’s possible with NFTs, read on!
What is NFT land?
NFT land is a new type of digital asset that allows users to own, buy, sell, or lease virtual land on a blockchain-based platform. NFT land can be used for various purposes, including gaming, virtual reality, and social networking. There are several different NFT land projects currently in development, each with its own unique features and offerings.
Things to consider before buying NFT land
When it comes to buying NFT land, there are a few things you should take into account before making your purchase. Here are a few things to keep in mind:
Project behind the virtual land
Before you dive headfirst into investing in NFT land, it's important to properly vet the project behind the virtual land. What is the purpose of the project? What is the team behind it? How does it plan to generate revenue? These are all important questions to ask before investing any money.
Another factor to consider is the size and scope of the project. Is it a small, niche project or is it a large-scale operation? The former is often riskier but can also offer higher rewards if things go well. The latter is generally more stable but may not offer as much upside potential.
Tokenomics of the project
The next factor to take into consideration is the tokenomics of the NFT land project. The tokenomics of a project is one of the most important aspects to consider when investing in any project, let alone an NFT land project. The tokenomics will determine how the project functions and how successful it will be in the long run. Aspects to pay specific attention to:
The total supply of NFTs: This is important to know because it will determine how scarce the NFT land is. If there is a large total supply, then the NFTs will be less valuable. If there is a small total supply, then the NFTs will be more valuable.
The distribution of NFTs: This is important to know because it will determine who has control over the project. If the NFT land is distributed evenly, then everyone will have an equal say in what happens with the project. If the NFTs are concentrated in a few hands, then those people will have more control over the project.
The use of funds raised: This is important to know because it will determine how the funds raised by selling NFT land will be used. If the funds are used wisely, then they can help make the project more successful.
Land appreciation mechanisms
When you purchase land in the real world, the hope is always that over the long term your land will appreciate in value. This is often through development. With virtual land, appreciation mechanisms should be in place for the NFT land to appreciate in value. Appreciation mechanisms for virtual land in the metaverse include:
Gamification by allowing NFT land owners to "develop" the land by building estates and infrastructure
Monetizing land by allowing brands to advertise their products or services
Appreciation by macroeconomic events over time. For example, in 2017 land from Decentraland cost $20. That same land now sells for $6000.
Land utility within the project
A blockchain and Web3 project should always have utility - aka a use case. An NFT land project is no different. It should offer the investor some kind of utility. Virtual real estate could have various use cases such as:
- It could be used to build a gamified app or dApp.
- The user could build their own decentralized world.
- The user could earn rewards in return for NFT land.
The user could use the NFT land to harvest other tokens. For example, an investor with a few pieces of NFT land might have access to harvesting some kind of token that is not available to the general public. Or, the user might be able to sell their NFTs for a higher price because of their increased value. In return for being part of this ecosystem, the user gets some kind of benefit from it - utility.
How to buy virtual real estate NFTs
Now that you know what to consider when investing in virtual real estate, let's go over how to actually go about buying NFT land. Luckily, the process isn't very complicated.
- First, sign up for a digital wallet
- Fund your account through your preferred payment method
- Buy Ethereum. You will need at least 0.53 ETH in your wallet to cover the cost of purchase and associated gas fees.
- Purchase your real estate NFT from the chosen online marketplace or via your wallet
Best NFT Land Projects In 2023
Now that you understand more about the virtual real estate industry, it’s time to explore some of the best NFT real estate projects to invest in right now.
Real Estate Investment Club
At present, Real Estate Investment Club is considered the best NFT property project to invest in. It wins the first position on our list because of its unique value propositions and real-world use cases. This is a collection of high-quality, moving digital collectables.
The NFTs are a virtual token that represents you in what will be the Real Estate Investment Club metaverse. The online world where, through curated events and socialization, you experience real estate and finance with other experts. There will be a variety of opportunities for users to monetize their services and assets to create a sustainable, self-sustaining economy.
Driven by the REIC MetaHQ, investors will have access to a variety of resources and events. The HQ will serve as a meeting ground for both members and industry elites to share knowledge and offer advice. Plus, it will host educational services, a metaverse meetup, consultation, and investment opportunities.
Some benefits of holding Real Estate Investment Club virtual real estate properties include:
- Access to an exclusive metaverse - members get access to the state-of-the-art MetaCity virtual world
- Real-world meetups - regular in-person meetups will be held with the first scheduled to take place in Edinburgh
- Networking opportunities - network with the REIC community and experts
- Special offers - be the first to access special deals available exclusively to members
- Educational resources - exclusive access to the valuable blockchain, crypto and NFT educational resources
Decentraland is a decentralized virtual world powered by the Ethereum blockchain. Users can purchase virtual real estate plots using MANA, Decentraland’s native cryptocurrency. Decentraland’s virtual world is divided into 10,000 regions, each with its own unique landscape and environment. They allow for transactions to be recorded on a ledger, meaning your parcels of land are tokenized and stored on the Ethereum smart contract.
If you own real estate on Decentraland, you control the type of content that can be published. You could create a 3D scene or host an epic game, concert, or interactive art exhibit! If your land isn’t in use, you can rent it out to someone else and still generate revenue by doing so. Decentraland has districts, which are connected clusters of similarly themed land. Users within these districts can bring projects to life by voting on proposals and changes. The value of MANA tokens and land is determined by the ecosystem's growth and the success of these proposals. Just like in real-world communities, the better a district, the more valuable its parcels will be.
As the years go on, it's becoming clear that the concept of virtual real estate and the platform itself has a ton of potential, as evidenced by how many prominent brands, celebrities, and investors have already purchased plots in Decentraland. With continued growth in popularity, MANA tokens and plots of land in this virtual world will likely be worthy investments.
The next on our radar as one of the best NFT real estate projects is Bloktopia. Bloktopia is a Web3 project, creating a virtual skyscraper whose purpose is to become a hub for educational resources on cryptocurrency and immersive Web3 experiences. The virtual world has 21 levels in recognition of the 21 million Bitcoin in circulation. Every user who owns a Bloktopia token is referred to as a Bloktopian, creating a strong sense of community and identity for users.
Bloktopians will be able to generate income by taking part in a variety of activities including earning money through digital real estate, participating in games, and building networks. The entire metaverse is designed to be relaxing so you can socialize and have fun while also competing with other users to win cool rewards.
Bloktopia's native token is called the BLOK, which will be available for purchase on both centralized and decentralized exchanges. All BLOK tokens used to purchase virtual real estate will be burnt to decrease supply and boost the value of tokens. Bloktopians will be able to use BLOK tokens to not only buy NFT real estate but also to purchase in-game assets.
When you buy virtual real estate in Bloktopia, it is called a REBLOK. You can take a gamble on your real estate investments and try reselling them for a profit or you can rent them out.
The Sandbox is another decentralized virtual world powered by Ethereum.
In The Sandbox, players can create their own game experiences using SAND, the platform’s native cryptocurrency. The Sandbox also offers users the ability to monetize their creations through in-game purchases and advertising revenue sharing.
Sandbox allows you to buy, sell and rent virtual real estate properties, very similar to Decentraland. Celebrities like Deadmau5 and Snoop Dogg have given Sandbox their stamp of approval which has solidified its position as a serious player in the world of NFT real estate projects. The VoxEdit feature allows you to create your own 3D content in the virtual world which becomes digital assets stored as an NFT. The land is also stored as NFT digital assets which can be bought or sold. Players who own virtual properties can develop the land by building estates or houses to rent or sell. The limited supply of land to 166 464 pushes up its value and encourages investors to avoid feelings of missing out.
Sandbox has an even bigger following than Decentraland and gauging the hype and support around a project is always an important factor to consider when deciding whether to invest. When it comes to the virtual real estate market, Sandbox is a sound investment decision.
Somnium Space is a new but exciting NFT real estate project that is building an advanced and impressive metaverse for players to immerse themselves in. Somnium strives to create an open and social world for decentralized ongoing virtual living on Web3. It will allow users to purchase land and import objects, as well as use avatars and scripts. The in-game world can also be monetized through Metaverse Tokens (MSTs) and non-fungible tokens (NFTs).
Somnium Space is one of the most popular NFT land projects and for good reason. The project allows users to buy, sell, or rent digital real estate that is based on real-world real estate locations. The land can be used for gaming, socializing, or even just as a way to store value.
The big selling point for Somnium Space is that it offers a high degree of customization and control for users. Landowners can create their own rules and regulations for their parcel of land. This includes setting the price, deciding who can visit, and what activities are allowed.
Bored Ape Yacht Club
The Bored Ape Yacht Club is a collection of NFTs held on the Ethereum blockchain. Launched in 2021, it became the poster child for NFTs with a collection of 10 000s cartoons of apes that sold out the same day it was launched. Bored Ape Yacht Club saw a boost in popularity and value when the likes of Justin Bieber, Jimmy Fallon and Eminem all bought an ape NFT.
The growing community, buzz and success of their Otherside metaverse inspired the creators to test out selling digital land too. They put 55 000 plots of virtual properties up for sale at $5800 a pop and the buying frenzy that followed proceeded to crash the Ethereum network.
Upland is another up-and-coming NFT project to get excited about. Upland is a virtual real estate strategy game based on the real world where players can earn crypto through virtual real estate. The barrier to entry is low, allowing anyone to join the Upland metaverse game and become a digital land owner and develop it by building properties, shops and cars. Players can earn UPX coins which can be exchanged for cash.
One of the unique features of Upland is it allows you to buy land at real-world addresses but virtually. Imagine being able to own land at the address of your childhood home. Or a castle overseas? It's all possible with Upland!
So how do you go about earning coins in the Upland metaverse? Once you buy your land, you will need to develop it. You could build a house and rent it or build a shop or restaurant. You will set a fee that you will earn either from rental or from other players visiting your property. Upland has a thriving community of 'Uplanders' who socialize on Discord and Telegram by sharing game strategies, collaborating on projects and building virtual friendships.
Cryptovoxels is a blockchain-based virtual world that uses cryptocurrency to purchase and trade virtual property. In Cryptovoxels, all property is stored on the Ethereum blockchain and can be bought or sold using ETH, Bitcoin, or other major cryptocurrencies. Cryptovoxels also offers an "adventure mode" where players can explore the world and interact with other players.
Cryptovoxels is one of the original blockchain-based virtual worlds and one of the first to offer persistent, player-owned land. The game world is made up of 3D voxel blocks, and players can buy, sell, or trade their land parcels with each other. Cryptovoxels also has its own in-game currency, called Voxels, which can be used to buy assets and make purchases in the game world.
Cryptovoxels offers a unique blend of virtual world gameplay and property ownership. The game allows players to explore, build, and socialize in a shared online space. And because each player owns their own parcel of land, they can customize it however they like and even earn income from selling or renting it out to other players.
With its easy-to-use tools and vibrant community, Cryptovoxels is a great choice for those looking to get into the NFT land market.
Star Atlas is an immersive virtual solar system metaverse built on the Solana blockchain. Players can mine resources, build spaceships, and trade with other players. The game features an in-game economy where players can use the resources they mine to buy and sell goods and services. The game also features a player-driven political system where players can vote on laws and regulations that govern the game world.
In this multi-player game, the aim is to explore deep space and stake your claim through several means including war, political coups and guilds. The digital property aspect includes being able to create spaceships, weapons, components, land and other useful resources. These items can be sold, bought and rented out.
Despite being a newcomer, Star Atlas already has a large and loyal following, so it can be expected that the real estate metaverse projects will continue to see growth in the near future.
Pax.world is an NFT land project with a lot of hype surrounding it. And for good reason. You will enter the game with a life-like 3D avatar created just for you via facial scanning. The virtual world is impressive from the get-go with sophisticated graphics, audio and chatbots. Once you're done exploring the diverse virtual world, you can create your own worlds and earn $PAXW coins from them.
Because it has been built using a Unity 3 engine it has low hardware requirements and is therefore an easy game to get into. In order to break down the geographical and financial barriers that prevent many people from becoming a part of the metaverse, Pax.world is offering real estate tokenization in the form of land parcels you can use to develop with schools, NFT galleries and businesses.
The project has a great community around it that is very supportive. It is very well-funded and has a lot of potential to become a big player in the online gaming space.
Unlock a new NFT metaverse land experience with UNDER — an upcoming mystical world by Sensorium featuring NFT parcels with built-in game mechanics and an extensive upgrade system tied to original play-to-earn games.
UNDER PLAY, the project’s gaming library, is set to include a vast range of casual P2E titles, which will be regularly updated to include latest releases.UNDER is an attraction to metaverse miners given the unique presence of SENSO Aura (SAr), a valuable resource that can be used across the Sensorium Galaxy metaverse or exchanged for fiat money.
UNDER will be leveraging Sensorium’s ecosystem currency SENSO, simplifying the management of land sales, fueling P2E mechanics, and adding further utility to Sensorium’s metaverse currency.
Sensorium plans to release a total of 100,000 parcels for players in the coming months. Each plot will feature in-built games enabling the mining of valuable resources.
NFT land projects are becoming more and more popular as time goes on and more influencers jump on board with the concept. With so many different options out there, it can be hard to know which one is the best fit for you. By referring to this list of the best NFT land projects, you can make an informed decision about where to invest your money.